According to national security alerts issued by the CISA, DHS, and FBI in the aftermath of Russia’s invasion of Ukraine, cybersecurity concerns in the United States are growing for large enterprises, home offices, and small businesses. Malicious software infects one out of every three homes with computers. Furthermore, 47% of American adults have compromised their personal information by cybercriminals. While government-sponsored attacks receive much attention, cyberattacks from groups or independent actors are always a concern for small and midsize businesses. Small businesses are more vulnerable to cyberattacks due to factors such as limited IT staff and limited budgets.
There is no foolproof way to protect yourself from online attacks, but understanding the threat is the first step. You must also determine where your enterprise is vulnerable and the most effective practical strategies. Our blog post thus breaks down five essential cybersecurity things that business owners and the public should always remember! But first, check out a few cybersecurity incidents that have rocked the United States and other European nations over the past year!
Recent Cybersecurity Incidents
January 2023.
The FBI has identified North Korean-linked hackers as the perpetrators of the $100 million heist from American crypto firm Harmony’s Horizon Bridge in June 2022. The hackers used Railgun in January 2023 to launder more than $60 million in cryptocurrency stolen in the June attack. Railgun is a privacy system built on the Ethereum blockchain that ensures the user’s identity remains hidden.
Russia-linked hackers launched a ransomware attack against the Royal Mail, the UK postal service. The attack caused havoc on the systems that track international mail. It took the Royal Mail 20 days to completely restore international mail services.
Latvian officials claimed that hackers with ties to Russia launched a cyber-espionage phishing campaign against the country’s Ministry of Defense. According to the Latvian Ministry of Defense, this operation was a failure.
November 2022.
As early as February 2022, Iranian government-sponsored hackers compromised the United States Merit Systems Protection Board by exploiting the Log4Shell vulnerability. Hackers broke into the network and installed cryptocurrency-mining software and malware to obtain sensitive information.
Vital Cybersecurity Tips to Know
1.Getting cybersecurity insurance is crucial.
Your general liability policy won’t cover your losses if a cyberattack occurs. There are various cybersecurity policies available you can get. It is best to look for one that offers first- and third-party coverage. Your losses will be covered by first-party coverage. If someone sues you due to a data breach, such as a customer whose credit card information was breached, third-party coverage will take over.
2.Enabling multi-factor authentication (MFA) is mandatory.
MFA verifies an individual’s identity by requiring them to provide more than just a password or username. MFA typically requires users to provide the following!
- Some details that physically represent them (facial recognition, fingerprint)
- Some details they know (pin, phrase, or password)
3.Choose the cloud for your data storage needs!
Data stored on your own servers is vulnerable to an attack, especially if regular backups aren’t done or security safeguards aren’t in place. Ensure you back up your data on all computers regularly. Financial files, electronic spreadsheets, word processing documents, accounts receivable or payable files, etc., are examples of crucial files. Backup data automatically and keep backups in the cloud.
4.Employing best practices on payment cards is key.
Collaboration with banks or processors to ensure the use of the most trusted and validated tools and anti-fraud services. Additional security obligations may exist due to agreements with your processor or bank. Differentiate payment systems from other, less secure programs, and don’t process payments and surf the Internet on the same computer.
5.Refrain from downplaying the effectiveness of the firewall and antivirus protection combination.
Anti-virus software detects and eliminates threats to your company’s network, computer systems, or devices. Installing anti-virus software alongside a firewall is critical to provide the most comprehensive protection against cyber-attacks and malicious software. Anti-virus software safeguards the hardware, whereas a firewall safeguards the hardware’s network.
Final Thoughts
As hacking threats grow, governments, small businesses, and other corporations must prioritize cybersecurity. You can reduce your risk using the right procedures, policies, and software. Furthermore, you will be better prepared to respond if an attack occurs!
